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Thread: New company law question for Fabio

  1. #1
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    Default New company law question for Fabio

    OK, so the laws changed last June regarding the "S.A." companies, and I didn't do a thing about it. I formed an S.A. long ago to act as owner of my vehicles only, not to do business. I was transferred out of the DR for my work and have only returned for brief trips without enough time to do anything about changing my SA to conform to the new laws.

    I also hesitated about getting this done over the phone with a lawyer to avoid problems. I have kept up the annual declarations for the SA, so everything is current until now. (haven't yet done this years declaration).

    As I see it, my options are:

    1) discontinue the S.A. company and just transfer the vehicle matricula back to my name, and requiring another trip to P.N. so they can inspect the car and verify that it is not stolen. I know that in order to do this, I must make this year's declaration so that everything is current.

    2) do nothing, as I have no intention of ever selling the remaining vehicle. I have it in storage while away, and I do keep up the stickers and taxes on the vehicle. When it dies, haul it to a junkyard, or

    3) convert the company now, knowing that it will probably be more convoluted and expensive than it should be. (how much does this conversion cost me to complete, and will I now have to pay penalties for the conversion delays?)

  2. #2
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    **bump** Thanks for any advice you can give me, Fabio.

  3. #3
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    The conversion deadline is now in June.

    You should choose either 1) or 3).

    The problem with 2) is that if you have an accident, and the car is held by an "old" company, you may have problems having standing in court.
    Fabio J. Guzman
    Guzman Ariza
    Attorneys-at-Law
    Sosúa, Santo Domingo, San Francisco de Macorís, Cabrera
    Las Terrenas, Samaná, Bávaro (Punta Cana) and La Romana
    Dominican Republic


    [email protected]


    Website

    The opinion above should not be construed to be formal legal advice and was given without reviewing the facts and documents pertinent to the case. The reader should NOT act based upon this opinion without seeking professional counsel.

  4. #4
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    Thank you, Sr. Guzman. I will be back in-country before June and will take care of this. Have a great weekend.

  5. #5
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    the fees aprox. 1,000 US to 1,400US

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